|First China International Import Expo concluded in Shanghai|
|Author: Matej Balen|
|12th November 2018|
|SHANGHAI – Almost 58 billion USD in signed deals for purchases of goods and services were agreed during the China International Import Expo (CIIE), November 5-10, 2018.|
In the middle of the trade war with the USA and American protectionism, China decided to lead by example and organise the first China International Import Expo, at a national level, opened for international exhibitors, domestic and overseas purchasers.
A total of 172 countries, regions and international organizations, and more than 3,600 enterprises participated in the six-day event, which attracted more than 400,000 domestic and overseas purchasers. During the news conference Sun Chenghai, deputy director of the CIIE Bureau, said that business deals signed during the conference reached a total worth of 57.8 billion USD, out of which 16.5 billion USD went on high-tech intelligent equipment, 12.7 billion on food and agricultural products, 12 billion on automobiles, 5.8 billion on medical equipment and health care products, and 4.3 billion on consumer electronics and appliances. Deals for services reached 3.2 billion USD in signed contracts.
This first CIIE was officially opened by Chinese President Xi, who emphasised a new round of China’s opening-up to the world, support to the multilateral trading system and promotion of free trade and economic globalization. “Under the theme of “New Era, Shared Future”, the CIIE will help friends from around the world to seize opportunities presented by China’s development in the new era and offer a platform for us to deepen international business cooperation for shared prosperity and progress.”, said Xi and announced future steps in China’s trade policies: government stimulation to increase imports, relaxing market access for foreign companies, improving business environment, and promoting international cooperation at all levels. “Imported goods and services into China are estimated to exceed 40 trillion USD in the next 15 years.”, President Xi said.
IMF Managing Director, Christine Lagarde, welcomed China’s opening-up policies, improved living standards, trade cooperation and its support to globalised trade. Russian Prime Minister Dmitry Medvedev criticized trade protectionism and highlighted Russia-China ties as being based on mutual respect and interests for both sides. Hungarian Prime Minister Viktor Orban pointed out Hungary’s support of free trade and the role of Southeast Europe, through 16+1 platform, in cooperation with China.
During the Expo, China stressed further progress and a new era of intellectual property protection, often seen as one of the most problematic area in its business environment. Year after year, China has been rising on the Global Innovation Index list, submitted the world's largest number of trademark registration and patent applications for 7 consecutive years, and has set up specialist intellectual courts.
Expo attracted more than 200 Fortune 500 companies, including Intel, Samsung, Sony, Lego, L'Oreal, Unilever, Jaguar, BMW, Bosch, Nokia, Honeywell, Siemens, Danone, Nestle, Philips, Bayer, Johnson & Johnson, FedEx, HSBC and others.